PVA TePla AG

Nachricht vom 10.08.2018 | 08:00

PVA TePla AG: Publication of 2018 half-year report

10.08.2018 / 08:00
The issuer is solely responsible for the content of this announcement.

PVA TePla: Publication of 2018 half-year report

- Sales revenue/EBITDA in line with planning

- Incoming orders of EUR 76.5 million (up 68%)

- Order backlog of EUR 171.1 million (230%)

- Forecast for year confirmed: Sales revenue of EUR 94 million, EBITDA of EUR 11 million

The PVA TePla Group, Wettenberg, a manufacturer of systems for the production of industrial crystals, vacuum and high-temperature systems, plasma systems and systems for non-destructive quality inspection, generated consolidated revenue of EUR 38.2 million (previous year: EUR 43.6 million) and EBITDA of EUR 2.0 million (previous year: EUR 2.6 million) in the first half of 2018. It should be noted as regards revenue recognition in the first half of 2018 that the new IFRS 15 no longer allows the recognition of some revenue from ongoing contracts to the original extent. Had the previous accounting requirements of IAS 11 and IAS 18 been applied as of June 30, the PVA TePla AG would have recognized a further EUR 5.4 million in revenue and an additional EBITDA of EUR 1.5 million.

Incoming orders and order backlog
Incoming grew significantly year-on-year to EUR 76.5 million as of June 30, 2018 (EUR 45.6 million). Both Industrial Systems and Semiconductor Systems contributed to the increase in incoming orders. In particular, the crystal growing systems business unit again performed very well and accounted for 50% of total order intake in the Semiconductor Systems division. Orders in the ultrasound measuring systems business unit were almost 50% higher than in the same period of the previous. The book-to-bill ratio is 2.00 (previous year: 1.05). The order backlog more than tripled year-on-year to EUR 171.1 million as of June 30, 2018 (EUR 51.7 million).

Liquidity
The operating cash flow amounted to EUR -12.6 million in the first six months of 2018 (H1 2017 [previous year]: EUR 10.2 million). This includes EUR 6 million in cash and cash equivalents that were invested in short-term investments and are not reported as cash equivalents. In addition, the PVA TePla Group received significant advance payments for major orders in fiscal 2017. These payments are now gradually being used for the production of these systems. The net financial position (cash and cash equivalents less current and non-current financial liabilities) was EUR 15.9 million (previous year: EUR 0.8 million).

Outlook for fiscal 2018
The Management Board is forecasting consolidated revenue in the scale of EUR 94 million for the current fiscal year with EBITDA in the scale of EUR 11.0 million.

The half-year report is now available to download on the company's website www.pvatepla.com.